Bitcoin: Why Fidelity calls $65K an ‘attractive entry point’
Bitcoin experienced a sharp decline in early February, dropping below $60,000 for the first time since 2024, leading to extreme fear in the market. Despite the bearish sentiment, some analysts, including Fidelity’s Jurrien Timmer, view the $65,000 level as an attractive entry point, citing historical significance of the $60,000 support zone. However, gold has outperformed Bitcoin amid macroeconomic uncertainty and anticipation of a new Fed chair. ETF inflows for Bitcoin have contracted, while gold and silver ETFs saw increased interest. Analysts at Bitwise warn that sustained ETF outflows could lead to further market capitulation, despite current relative resilience. Options data indicates lingering caution, with investors still favoring puts over calls, suggesting underlying bearish sentiment persists.
ambcrypto02/07 12:17
